l'interdipendenza economica internazionale: Ascesa e declino di una categoria tra keynesismo e monetarismo

The process of International Economic Interdependence: its Rise and Fall amid Keynesianism and monetarism
This study tracks the process of international economic interdependence since the origins of the post WWII international economic order to the beginnings of the 1980s as the changing ratio of transnational capital ows to domestic aggregate demand. Through the two-fold perspective of U.S. foreign economic policy and the Bretton Woods institutions assistance programs, and the shift from Keynesianism to monetarism typical of Post WWII economic theory, this contribution investigates the ways in which demand-management economic policies made way for strict monetary policies based on the idea that private capital markets could nance growth. After reviewing the concept of interdependence in the economic literature from the end of WWII through the 1960s, we focus attention on the U.S. Federal Reserve, the IMF and the World Bank to suggest the persistence of demand management policies through the 1970s. As orthodox monetary targets replaced demand side-oriented policies at the turn of the decade, this work points to a striking discrepancy between an early turn to monetarism in the economic thought and the late rise of neoliberal economic policies.